Protean eGov Technologies IPO: The preliminary public providing (IPO) of Protean eGov Technologies, which opened on Monday and closes immediately on Wednesday, has acquired a good 4.03 instances subscription up to now on the ultimate day of bidding. Till 10:36 am, the Rs 490-crore IPO acquired 1,76,39,550 shares in opposition to 43,78,700 shares on supply
The class for non-institutional buyers was subscribed 8.30 instances, whereas the quota for retail particular person buyers (RIIs) acquired 4.68 instances subscription. The portion for certified institutional consumers (QIBs) was subscribed 8 per cent.
The IPO of Protean eGov Technologies was subscribed 3.21 instances on Day 2 of subscription on Tuesday. It acquired a full subscription on the primary day of the share sale on Monday.
The IPO is more likely to be listed on the BSE on November 17, whereas the share allotment would possibly happen on November 13.
Protean eGov Technologies IPO GMP Today
According to market observers, unlisted shares of Protean eGov Technologies are at the moment buying and selling Rs 95 increased within the gray market, which is decrease as in contrast with Monday’s Rs 111 GMP. The newest Rs 95 gray market premium or GMP is about 11.99 per cent increased than its higher subject worth of Rs 792 per share. This means the gray market is anticipating a 11.99 per cent itemizing achieve from the general public subject.
‘Grey market premium’ signifies buyers’ readiness to pay greater than the problem worth.
Protean eGov Technologies IPO: Should You Buy?
Though the newest GMP signifies a good achieve on the itemizing day, listed here are a few of the brokerage companies’ suggestions.
Assigning the ‘subscribe’ ranking to Protean eGov Technologies IPO, Anand Rathi Research in its observe mentioned, “The company is pioneer and market leader in universal, citizen-centric and population scale e-governance solutions. At the upper price band, the company is valued at a P/E ratio of 29.9 of its FY23 earnings with a market cap of Rs 3,203.4 crore post issue of equity shares. We believe that the issue is fairly priced and recommend ‘subscribe with long term’ rating.”
Canara Bank Securities in its observe mentioned, “Protean has strategically expanded across the digital and e-governance ecosystem. As a niche player with a strong growth potential with market leadership, Protean has a strong balance sheet and cash flow. We recommend to subscribe for listing gains and long term.”
Swastika Investmart additionally given the ‘subscribe’ advice to the IPO, saying, “However, it (Protean) faces some risks too, such as its dependence on government contracts, competition from other enterprise solution companies, and regulatory risks. The IPO is coming at a P/E valuation of 29.9 times, and though the company does not have any listed peers, the issue is looking reasonably priced. Considering all these factors, investors may apply.”
About Protean eGov Technologies IPO
The IPO is only a suggestion of sale (OFS) by current shareholders. The OFS measurement has been lowered to 61.91 lakh fairness shares from 1.28 crore fairness shares deliberate earlier.
Protean eGov Technologies (previously often called NSDL E-Governance Infrastructure) on Friday mentioned it has mobilized slightly over Rs 143 crore from anchor buyers.
Since the IPO is totally an OFS, all the proceeds will go to the promoting shareholders and the corporate won’t obtain any funds from the problem. The Rs 490-crore IPO, with a worth band of Rs 752-792 per share, will conclude on November 8.
Protean eGov Technologies is likely one of the key IT-enabled answer firms in India engaged in conceptualizing, creating, and executing nationally crucial and inhabitants-scale greenfield know-how options. The firm collaborated with the federal government and has intensive expertise in creating digital public infrastructure and creating revolutionary citizen-centric e-governance options.
Originally arrange as a depository in 1995, it created a systemically necessary nationwide infrastructure for capital market growth in India. ICICI Securities, Equirus Capital, IIFL Securities and Nomura Financial Advisory and Securities (India) are the managers of the supply.
Shares of the corporate will likely be listed on the BSE.
